PRESS DIGEST - Wall Street Journal - Nov 21

Reuters Staff

3 Min Read

Nov 21 (Reuters) - The following are the top stories in the Wall Street Journal. Reuters has not verified these stories and does not vouch for their accuracy.

* U.S. President Barack Obama announced Thursday that millions of illegal immigrants will gain protection from deportation, under a plan that bypasses Congress and which could unleash unpredictable political and economic forces. (on.wsj.com/1BSgbVA)

* The Federal Reserve launched a sweeping review of how it supervises big banks. The Fed said the review is focused on whether senior staff are given enough information when making decisions affecting the largest financial firms, including "whether channels exist for decision makers to be aware of divergent views". (on.wsj.com/1uGbYOe)

* Chief Executive William Ruprecht is leaving Sotheby's , months after hedge-fund activist Dan Loeb and several others joined the auction house's board. The company said the departure was by mutual agreement with the board, which took a hard look at the company's senior management in August. (on.wsj.com/1Aqf5Pg)

* Takata Corp, the air-bag supplier at the center of a massive recall involving millions of vehicles, knew one of its air bags exploded as early as May 2005 but didn't investigate it further or warn auto makers of a potential defect until two years later. (on.wsj.com/1vukToN)

* Alibaba Group Holding Ltd, the Chinese e-commerce company, has emerged as this year's biggest source of fees for banks working on capital-markets deals. After its initial public offering in September, the largest in history, the company on Thursday sold $8 billion in bonds, one of the largest corporate-bond deals of the year. (on.wsj.com/1qDgY8d)

* Federal authorities are investigating whether casino operator Wynn Resorts Ltd violated money-laundering laws, according to people familiar with the matter. Wynn will be the third major Las Vegas casino company in recent years known to be investigated for possible violations of money-laundering laws. (on.wsj.com/11AkML5)

* Valeant Pharmaceuticals Inc is launching a new $2 billion securities repurchase program, just days after losing its bid to buy Botox maker Allergan Inc to Actavis Plc . Under the program, which begins Friday, Valeant can buy back its senior notes, common shares and other securities. (on.wsj.com/1xvIEfR)